Bitcoin hit a historic milestone late Wednesday, surging past $100,000 for the first time after President-elect Donald Trump announced Paul Atkins as his pick to lead the US Securities and Exchange Commission (SEC).
The cryptocurrencyโs meteoric rise reflects market optimism about the potential for crypto-friendly policies under the incoming administration.
Bitcoin Price Hits New Heights
The worldโs largest cryptocurrency climbed to $103,900.47 all-time high early Thursday, up 7.6% in the past 24 hours.ย
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Since Election Day, when it traded at $75,600, Bitcoin has gained over 36%, solidifying its status as one of the standout asset classes of 2024.
The rally began on November 6, the day Trumpโs victory was projected, with Bitcoin soaring $6,000 in a single day to cross $74,000.
Momentum has since accelerated as the market anticipates a regulatory shift, propelling the cryptocurrency to record-breaking highs. Bitcoinโs year-to-date gains now exceed 130%, dwarfing other asset classes.
Bitcoinโs $100K milestone has energized the broader crypto market, with numerous altcoins posting gains as optimism sweeps the industry.
Paul Atkins: The Pro-Crypto SEC Chair
At the center of Bitcoinโs surge is Trumpโs decision to nominate Paul Atkins as SEC chair. A former SEC commissioner and longtime advocate of crypto innovation, Atkins is known for his lighter regulatory stance, signaling a sharp pivot from the policies of outgoing SEC Chair Gary Gensler.
Gensler, whose tenure was marked by regulatory actions against crypto firms, will step down on January 20.
In contrast, Atkins “believes in the promise of robust, innovative capital markets that are responsive to the needs of investors,” Trump posted on his social media platform, adding that Atkins understands the importance of digital assets in โmaking America greater than ever before.โ
Trumpโs Crypto Turnaround
Donald Trump, who once dismissed Bitcoin as โnot moneyโ and โbased on thin air,โ has embraced cryptocurrency during his reelection campaign.
He headlined a major crypto convention, proposed the creation of a โnational bitcoin stockpile,โ and launched a digital asset venture, World Liberty Financial.
His media company is reportedly in talks to acquire crypto trading platform Bakkt, marking a significant pivot in his stance on digital currencies.
On the Flipside:
- The cryptocurrency industry heavily supported Trump and the Republican Party during the election cycle, contributing $131 million to pro-crypto congressional candidates. Trumpโs campaign, which began accepting crypto donations in May, raised millions from the move.
Why This Matters
The combination of Atkinsโ leadership at the SEC and Trumpโs pro-crypto policies could spark major advancements in the U.S. cryptocurrency ecosystem, potentially unlocking innovation and driving further adoption of digital assets.
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